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LONDON (Alliance News) - UK Energy and Climate Change Secretary Amber Rudd has urged energy companies operating in India to source capital from the London market at the 9th Renewable Energy Expo in New Delhi.
Indian Prime Minister Narendra Modi has set a target for India to have 175 gigawatts of additional wind and solar power capacity by 2022, with more than half of that comprised of solar power as he tries to solve the energy deficit in the country.
London-listed companies such as Mytrah Energy Ltd, which operates wind and is soon to begin operating solar projects in India, is currently implementing strategies to capitalise on this target. Greenko Group PLC is another London-listed clean energy product company operating in India.
Other London-listed companies working within the broader energy sector in India include gas field developer Jubilant Energy NV, gas producer Oilex Ltd, OPG Power Ventures PLC, FTSE 100 oil major BP PLC and FTSE 250-listed oil firm Vedanta Resources PLC.
"In energy, UK companies are collaborating with Indian firms across the sector including renewables, gas and nuclear," said Rudd.
"That is why I am very pleased to welcome the strong group of UK companies present here that are already operating in the Indian market. The UK is keen to support your operations in India. UK Export Finance, our export credit department may be able to help with financing solutions. We have committed GBP1.00 billion for this purpose, covering the broader infrastructure sector as well," she added.
"I am told more than a third of India's USD1.00 trillion infrastructure spending will be towards electricity, renewable energy and oil and gas. Over three quarters of this will need to be from the private sector. I encourage you to raise your capital for clean energy in London," said Rudd at the Expo.
Rudd cited the London market's "simple and favourable" taxation regime, the opportunity for Indian firms to be included in major stock indicies and the prestige of the London Stock Exchange, alongside the chance to raise funds in rupees because London is the "premier financial institution for capital raisings in different currencies."
"Ladies and gentlemen, India and the UK want the same thing ? secure, affordable and sustainable energy for all. We have much to gain from working with each other. And I am sure together we will make it happen," said Rudd.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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